Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Textbook Question
Chapter 19, Problem 11E
What does the following mean: “Nothing in life is free”? Illustrate this point. (Do not use a demand and supply diagram.)
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“Given that most people like to get ‘free stuff,’ it follows that goods that are available free of charge are produced and consumed in the proper amounts in a market economy.” What is wrong with this statement? (please write a complete answer in paragraph format)
Economics is the science that studies human behavior as a relationship between ends and scarce means which have alternative uses.
How do you apply this statement in actual economic situations in our economy?
Explain the difference between a free good and an economic good.
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- What is the problem that economists see with our resources and our wants? Please just answer with one or two sentences.arrow_forwardAt a price of $2, What would be created and what would be the amount of what is created? Shortage:40 Shortage:90 Surplus:40 Surplus:90arrow_forwardThe fundamental reason to study economics is to study ____. how choices are made how production is determined how countries trade with each other how finances are determinedarrow_forward
- In about 300 words explain why prices are an important aspect of how goods and services are allocated in a market economy. Pick an example of a good or service and explain the role that its price plays in determining who received it.arrow_forwardWhich statement best describes the role of consumers in economics? They provide wide range of services. They decide where to sell goods They determine how to use resources. They control production costs.arrow_forward
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